Here is the breakdown on what you need to know about SurBitcoin. This cryptocurrency exchange has helped stabilize a South American country that is rich in oil.
The South American Cryptocurrency Hype
Seems that South American countries are starting to also get in on the cryptocurrency hype. There are a lot of South American cryptocurrency platforms available to provide exclusive geography-specific services if not international exchange services.
All these are valuable points for Venezuela to build on and further develop its position as a key hub for Bitcoin investment.
Easy And Fast
The Bitcoin exchange makes it easy for you to buy and sell cryptocurrency over the platform. Also, the platform applies advanced features such as open source trading algorithms to find you the best pricing.
You don’t have to be an expert to use the tool, the algorithmic trading comes bundled into the platform.
Deposits and withdrawals are also fast acting with performances kept high. Bitcoin transactions, which are notoriously slow, can take up to a minute to process.
It’s apparently a better system for transacting Bitcoin than other wallets that are typically used to store and trade the digital token. The speed of transactions may also make it a viable source of income and payment in Venezuela.
The Platform Is Emphasizes Transparency
All the source code is available to the public on the backend of the platform. This level of openness from SurBitcoin is part of the transparency shown by the company and its platform.
Anyone interested in the backend can analyze the code. There are also ways to help improve the platform. The backend allows for user contributions, so contributors can help hunt for bugs and other weaknesses in the source code.
All kinds of wallets capable of syncing up with SurBitcoin are public. This means that both the hot and cold wallets from the platform are publically available.
What does this entail? Well, this entails an allowance from the SurBitcoin company to do your own solvency checks of SurBitcoin’s exchanges at will. On top of that, these checks can be done directly on the blockchain network.
Membership To BlinkTrade Network
This is a valuable network to be included in because it has global applications and benefits.
The BlinkTrade network includes names such as FoxBit in Brazil, SurBitcoin in Venezuela, ChileBit.NET in Chile, UrduBit in Pakistan, and VBTC in Vietnam.
Membership to this global network allows you to have access to an assortment of exchanges rather than just one. However, there are likely specific geographical restrictions around the use of the network depending on your region. The network consists of companies, remittance agencies, and payment processors.
Average Ratings on SurBitcoin
The SurBitcoin website has received average ratings on a number of review sites, including Facebook, Forex Brokerz, and Best Bitcoin Exchange.
Most of the reviews averaged out to be around three out of five stars. This may actually be a fairly decent ranking for a South American cryptocurrency platform. Mainly because the technology is rather new in application in South America.
One of the main disadvantages that has been listed about this Bitcoin exchange is the limitation on only operating in Venezuela. The focus is on country-specific project developments and advances.
The limitations in certain cases can be rather frustration for Bitcoin users. Travelers heading to Venezuela are likely not going to have an easy time transferring Bitcoin to the local currency. KYC procedures in the country are likely to prevent such transactions.
The Importance Of SurBitcoin In Venezuela
The main reason for the exchange coming up is the exchange from Bolívars into Bitcoin. A stable currency is what Venezuela has needed for a long time. It’s a little doubtful that the country is going to find that with Bitcoin though.
The convenience of the currency conversion saves a lot of people in the long run from even more extreme currency fluctuations. Venezuela has historically not had a stable economic structure, which has led to extreme fluctuations in the pricing of the Bolívars.
How Can SurBitcoin Help?
The advantage of using SurBitcoin from other exchanges is that it deals with local banks in Venezuela. The universality of it in Venezuela’s financial systems may be another move in stabilizing currency in the long run.
However, this blockchain exchange does not accept other forms of payment, including digital forms like debit cards and credit cards.
SurBitcoin has been BlinkTrade’s solution to providing access to Bitcoin in Venezuela. The BlinkTrade network has likely been eyeing Bitcoin for a while due to blockchain’s capabilities.
The service is meant to be straightforward. The Bolívar can be traded against Bitcoin at the current price that the cryptocurrency is trading at.
How Does SurBitcoin Stand Out?
The conditions of other exchanges may be more competitive than the ones offered at SurBitcoin. The Venezuelan cryptocurrency exchange has a lot of stand out aspects.
The main demand for Bitcoin in Venezuela is as an asset that is likely to appreciate over time. Bitcoin’s track record as a store of value has proven to be a good long term asset.
Ironically, there is more stability associated with Bitcoin than there has been with the Bolívar in the past. And this is despite Bitcoin going through massive fluctuations in the last two years.
Review sites as well as active traders would rather stay away from giving any predictions about price fluctuations. This is mainly because price movements can be very dramatic and steep when it comes to Bolívars and Bitcoin.
The Disadvantages to Using SurBitcoin
As with every blockchain specific project, there are certain limitations and restrictions on the uses. SurBitcoin is no different. Here are some of the key downsides to the cryptocurrency exchange.
Only Bitcoin Is Available
The classic digital token exchange allows only one pair of transactions, which must involve Bitcoin conversions, deposits, and withdrawals. No other cryptocurrency is available for use on the platform.
A lot of other types of cryptocurrency exchanges would allow other types of tokens and networks to merge on the platform. However, SurBitcoin is very specific in its requirements.
Other cryptocurrencies and tokens that would regularly be accepted on other exchange platforms include the popular Ethereum, Litecoin, Ripple, and Neo. All are big names in the cryptocurrency and blockchain space.
No Charts Are Available
Charts are arguably one of the most powerful and relevant tools in a traders toolbox, especially when it comes to an asset as volatile as Bitcoin.
This is a very important element to price tracking and seeing fluctuations in the exchange rates of Bolívars to Bitcoin. Charting tools help a ton when it comes to comparing exchange rates on a regular basis and estimating where those rates may be heading next.
The lack of a charting tool on the Venezuelan Bitcoin exchange may be a serious downside for some of the investors in the cryptocurrency space .
While there have not been many users who have seen this as an issue, some important review sites have chosen to explicitly state that the lack of a charting tool is a real concern. There are a number of limitations bundled in if that tool continues to be ignored on the platform.
The cryptocurrency exchange site is clean but bare. There is little information to provide direction on how to start and navigate to more substantive information.
Final Thoughts On SurBitcoin
This is a powerful step forward into the cryptocurrency space for Venezuela, even if it does just deal with Bitcoin trading.
Despite some setbacks, even the lack of a charting tool, the Venezuelan cryptocurrency exchange is a powerful platform to have in the country. The Bolívars continue to act with volatility, but at least the Bitcoin token is there to balance it out a little.
Furthermore, it creates an investment opportunity for people to hold on to in the long run, especially if there continues to be hesitation over the financial structure of Venezuela.